7.9 EURUSD Daily Review & Outlook
Friday 7.9, for the past 24 hours:
• EURUSD has risen 50 pips against the previous day close; missed target set yesterday, but pull back high enough to identify next direction.
• ↑ 84 pips High & Low extreme move, vs. 64 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 4.8 -> 4.3 MEDIUM of late session
• EUR in early session STRONG 6.8 -> 6.0 MEDIUM of late session
Market Focus & Moods:
• The euro traded like a low yielder as it rallied on risk aversion. Difficult to find other reason to explain Euro's rally, I would prefer to say Euro short positions taking their profit. And the retracement in the later session just touched 38.2% fibonacci of the day low-high range.
• Friday, some light data for European session and LON 11am ECB's President Lagarde speech, 5pm Fed Monetary Policy Report. Watch out commodity currency's fall and Oil price movement.
Next Step:
• I have no bias for Friday, upside 1st resistance 200h SMA 1.1855-60, 2nd resistance 1.1882; downside 1st support 1.1830, 2nd support 1.1807;
• EURUSD has risen 50 pips against the previous day close; missed target set yesterday, but pull back high enough to identify next direction.
• ↑ 84 pips High & Low extreme move, vs. 64 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 4.8 -> 4.3 MEDIUM of late session
• EUR in early session STRONG 6.8 -> 6.0 MEDIUM of late session
Market Focus & Moods:
• The euro traded like a low yielder as it rallied on risk aversion. Difficult to find other reason to explain Euro's rally, I would prefer to say Euro short positions taking their profit. And the retracement in the later session just touched 38.2% fibonacci of the day low-high range.
• Friday, some light data for European session and LON 11am ECB's President Lagarde speech, 5pm Fed Monetary Policy Report. Watch out commodity currency's fall and Oil price movement.
Next Step:
• I have no bias for Friday, upside 1st resistance 200h SMA 1.1855-60, 2nd resistance 1.1882; downside 1st support 1.1830, 2nd support 1.1807;
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